Paul Lachine

Domanda o offerta?

CHICAGO – L’economia è solo una questione di domanda e offerta. Solitamente esiste una situazione di equilibrio, e in caso contrario, subentrano forze potenti in grado di spingere il mercato verso tale equilibrio. Eppure, visti gli elevati e persistenti livelli di disoccupazione negli Stati Uniti, ci si pone una domanda sulla natura del problema: è la domanda aggregata che è troppo bassa, o sussistono problemi di offerta?

L’amministrazione del Presidente Barack Obama sembra credere che il problema sia legato alla domanda, e ha messo in atto tutta una serie di misure di stimolo, riducendo le tasse e facendo lievitare i trasferimenti di denaro e la spesa pubblica allo scopo di incentivare i consumi e gli investimenti. La Federal Reserve è dello stesso avviso; infatti, ha mantenuto non solo i tassi di interesse a breve ai minimi storici, ma si è anche imbarcata in una manovra rischiosa che ha come obiettivo i tassi a lungo termine. Alcuni economisti progressisti vorrebbero, addirittura, ulteriori interventi.

Per quale motivo tali politiche non hanno finora comportato la riduzione della disoccupazione, pur intravedendosi una ripresa economica? Secondo gli economisti progressisti, il piano di stimolo ha funzionato, evitando una recessione più profonda, se non peggiore, ma le misure sono state troppo timide per generare una ripresa robusta.

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